Mission NewEnergy extends maturity of series 3 convertible notes

By Marisa Wong

Madison, Wis., Jan. 3 - Mission NewEnergy Ltd. said it reached an agreement with its convertible noteholders to restructure its series 3 convertible note debt.

The convertible debt, with a face value of about A$25.4 million, was due for repayment in May 2014. The due date has been extended to Dec. 31, 2018.

In exchange for this five-year extension, Mission will pay a 6% coupon effective from Jan. 1, with interest payments being accrued but payment deferred until Dec. 31, 2015, when all accrued interest must by paid. After that, interest payments are due and payable quarterly.

To facilitate the restructuring, all series 3 notes will be exchanged on a one-for-one basis for new series 4 convertible notes. All other material terms of the series 3 notes will be retained in the series 4 notes.

The renewable energy company is based in Subiaco, Western Australia.

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